TCS, ASX Go-live with CHESS Release 1 for Cash Clearing

29 Apr 2026 CW Team

Clearing House Electronic Subregister System (CHESS) is used to facilitate clearing and settlement of trades in eligible financial products. It supports transfer of legal title through the CHESS sub-register and enables delivery-versus-payment settlement by transferring securities and cash between buyers and sellers. Release 1 of the CHESS replacement program delivers the new clearing component.

As part of the project, TCS implemented its TCS BaNCS for Market Infrastructure and Quartz Gateway solutions. The deployment provides ASX with a modern cloud-based clearing solution designed to be high-performance, scalable and resilient across multiple asset classes. The platform supports real-time trade novation and netting, complies with industry standards, and enables connectivity with multiple Australian exchanges. It also supports ISO 15022, ISO 20022 and FIX messaging standards.

TCS said the system has been benchmarked to process more than 20 million trades per day, supporting ASX’s future growth with improved resilience and scalability.

Tim Whiteley, Chief Information Officer, ASX, said, “Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia’s critical market infrastructure supporting post-trade clearing and settlement services.” He added that the successful deployment has enabled ASX to progress toward Release 2, targeted for go-live in 2029.

R Vivekanand, President BFSI Products and Platforms, TCS, said, “We are proud to have partnered with ASX on their modernization strategy and the successful Go-Live of CHESS Release-1.”

ASX is implementing the CHESS Replacement Project in two stages to reduce risk and manage change. Following the completion of Release 1, TCS, ASX and industry participants have commenced work on Release 2.

Tata Consultancy Services and the Australian Securities Exchange (ASX) have successfully gone live with CHESS Release 1, marking a key milestone in the modernisation of Australia’s post-trade clearing and settlement infrastructure.Clearing House Electronic Subregister System (CHESS) is used to facilitate clearing and settlement of trades in eligible financial products. It supports transfer of legal title through the CHESS sub-register and enables delivery-versus-payment settlement by transferring securities and cash between buyers and sellers. Release 1 of the CHESS replacement program delivers the new clearing component.As part of the project, TCS implemented its TCS BaNCS for Market Infrastructure and Quartz Gateway solutions. The deployment provides ASX with a modern cloud-based clearing solution designed to be high-performance, scalable and resilient across multiple asset classes. The platform supports real-time trade novation and netting, complies with industry standards, and enables connectivity with multiple Australian exchanges. It also supports ISO 15022, ISO 20022 and FIX messaging standards.TCS said the system has been benchmarked to process more than 20 million trades per day, supporting ASX’s future growth with improved resilience and scalability.Tim Whiteley, Chief Information Officer, ASX, said, “Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia’s critical market infrastructure supporting post-trade clearing and settlement services.” He added that the successful deployment has enabled ASX to progress toward Release 2, targeted for go-live in 2029.R Vivekanand, President BFSI Products and Platforms, TCS, said, “We are proud to have partnered with ASX on their modernization strategy and the successful Go-Live of CHESS Release-1.”ASX is implementing the CHESS Replacement Project in two stages to reduce risk and manage change. Following the completion of Release 1, TCS, ASX and industry participants have commenced work on Release 2.

Products

19 Jun 2026

REHAU Opens Interior Solutions Experience Centre in Gurgaon

REHAU Kitchen has partnered with Third Space Collective to launch a new experience centre in Gurgaon, strengthening its presence in India's growing premium interiors market.Spread across 3,400 sq. ft., the facility showcases a range of interior applications including kitchens, wardrobes, TV units, bar units and storage solutions, offering homeowners, architects and interior designers an opportunity to explore engineered interior products and material innovations under one roof.The collaboration is aimed at making advanced interior solutions more accessible while addressing growing consumer dem..

Resources

19 Jun 2026

Sky City Mall Marks Father's Day with Digital Film

Sky City Mall, Oberoi Realty's newest retail destination, has launched a Father's Day digital film that celebrates the bond between fathers and their children while highlighting the evolving role of malls as experience-led destinations.The campaign reflects the growing importance of retail destinations as spaces where shopping, dining, entertainment and social interactions come together to create memorable experiences for families. Through the film, Sky City Mall positions itself as a venue for meaningful moments and celebrations beyond traditional retail activity.The narrative follows a fathe..

Real Estate

19 Jun 2026

YKK India to Set Up Manufacturing Facility at Origins Chennai

Mahindra Industrial Park Chennai Limited (MIPCL), a joint venture between Mahindra World City Developers and Sumitomo Corporation of Japan, has announced that YKK India will establish a new manufacturing facility at Origins by Mahindra, Chennai.According to YKK India, the proposed facility will be its third manufacturing plant in the country and will span approximately 149,936 sq. m. The company plans to invest US$150 million in the project, which is expected to be completed by February 2028.YKK India, a manufacturer of fastening products serving the apparel, textile and industrial sectors, wi..